现阶段亟须总结历史,借鉴国际经验,明确改革方向,做到借债有度、用债有效、管债有方、风险可控,促进经济社会可持续发展我国地方政府债务融资的演变路径第一阶段是以地方政府融资平台为主的城投债。20世纪90年代初,基于隐形的政府信用担保,地方政府成立投融资平台公司,公开发行城投债,大力支持了城镇化建设,有效刺激了经济复苏。但由于管理不规范甚至无序发展,引发虚假出资、信息弱透明度、高度依赖土地财政等问题,潜在的系统性财政金融风险相当大。第二阶段是中央发债转贷地方。1998年,为应对亚洲金融危机,财政部将部分国债转贷地方,用于地方经济和社会 At this stage, it is urgent to summarize history, draw lessons from international experience, clarify the direction of reform, make sure that there are enough borrowings, effective debt, controllable debts and controllable risks, and promote the sustainable development of the economy and society. The Evolution of Debt Financing in Local Governments in China Stage is based on local government financing platform for the city to vote for the debt. In the early 1990s, based on the invisible government credit guarantee, local governments set up investment and financing platform companies, publicly issued urban investment bonds, vigorously supported urbanization and effectively stimulated economic recovery. However, because of the non-standard and even disorderly development of management, the problems of false capital contribution, weak information transparency and high dependence on land finance, the potential systemic financial risks are considerable. The second stage is the place for central government bonds to be lent. In 1998, in response to the Asian financial crisis, the Ministry of Finance transferred part of the national debt to local governments for use in local economy and society